NFT prices sky high. Why do people pay so much money for an NFT?

NFT prices sky high. Why do people pay so much money for an NFT?

The NFT market and prices continue to grow. Why do people pay so much money for an NFT? Can you create an NFT yourself and sell it?

The nonfunctional tokens (NFT) aren’t just one of the words of the year, but also a formidable business. Just in the third quarter of 2021 alone, the amount 0f operations in NFT grew 700%, with sales higher than 10,700 million dollars NFT. Why are people and businesses disposed to pay so much money for an NFT? CC10 is offering you the possibility of creating an NFT of your trademark, and who knows, you could be lucky and become a millionaire. Just think of Mark Zuckerberg’s mega business, now called Meta Platforms, paid 60 million dollars for a trademark. Facebook’s owner did it to get the commercial trademark of a regional bank of the United States that had his same name.

Features of the NFT

To answer the previous question, we have to understand what an NFT represents. The word “fungible” means that something it is interchangeable, but not unique. So, when talking of nonfungible tokens we’re in the presence of a unique, indivisible, unfalsifiable. The property and legitimacy of NFT are easily traceable and verifiable, starting with the fact that all data are in the blockchain.

What be commercialized as an NFT? Any digital asset of which you are the owner. You can convert anything from a tweet to one of your posts on Facebook, a photo on Instagram, music, videogames, memes. There are no limits.

Then, when we are owners of an NFT, we own something unique. And it has a value. People always have a predilection for collecting things. Paintings, things that belonged to celebrities, scores by famous musicians. Through the decades, we’ve seen how these objects are sold in auctions. At times for prices in the millions.

Many of these works have millions of copies. Even you might have, in your home, an identical copy of the principal paintings that, these days, are hanging in the Museo Reina Sofia, in Madrid. If you are ambitious and have a lot of space, you can even “hang” Pablo Picasso’s Guernica. They can be identical paintings; however, they aren’t the originals.

Apply this logic to the digital world. Why pay thousands of dollars for the NFT of a meme that half the world has seen on Internet and can be easily downloaded? For the same reason that a person would pay thousands of dollars for a jersey signed Cristiano Ronaldo: because in the future the value of this NFT will increase.

Businesses, artists and celebrities wager for NFTs

One of the most famous athletes in history, the quarterback Tom Brady, decided to create Autograph, a startup for selling NFT. This business signed deals with successful athletes to commercialize their NFTs. From that date the startup has sold more than 100,000 NFTs, at prices that go from 12 to1,500 dollars for each NFT.

What happened? Many of the buyers of those NFTs re-sold them in a secondary market, where they obtained enormous earnings.

The same thing happens with art. The whole world knows the history of the digital artist Beeple. This man sold, in an auction,  “Everydays: the first 5,000 days” as an NFT. For almost 70 million dollars. The happy buyer gave that amount because he felt that, in the future, he can sell said work for a higher price.

Steps for creating your own NFT

Any person in the world can create their own NFT and commercialize it, through various platforms existing these days. If you’re lucky and offer something interesting or odd, you’ll find someone willing to pay for your NFT.

A first step would be to decide what you want to convert into an NFT. Once you’ve done this, select which blockchain is best for issuing said NFT. Our suggestion is Ethereum’s, because currently this is the blockchain used most for commercializing NFT. Nonetheless, there are other blockchains that you can use, like Cosmos, Polkadot, and Binance Smart chain.

The second moment is to create a digital wallet on your mobile device or computer. These wallets are free and can hold as much as you want. The most recommendable, if you decide to use the Ethereum blockchains, are MetaMask and Trust Wallet.

Then comes choosing the online platform on which you’ll put your NFT, with the hope that someone purchases it. OpenSea, Rarible, SuperRare and Foundation are among the best known on the market.

The following step is to connect the digital wallet that you’ve already created to any of these markets. Last is creating the NFT, place it on the platform and set a price. You have to keep in mind that many of the platforms charge a percentage for allowing you to place your NFT. If anyone finds your NFT interesting and buys it, this money goes directly into your digital wallet.

Risk warnings
The views and opinions expressed are the views of Crypto Currency 10 and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material(s) have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.
Changes in rates of exchange may have an adverse effect on the value, price or income of an investment.
Past performance is no guarantee of future results and the value of such investments and their strategies may fall as well as rise.

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